RIYADH: Saudi developer Knowledge Economic City has seen its losses widen by a staggering 21,545 percent during the first half of 2022, driven by rising project expenses.
The Madinah-based developer reported a net loss of SR15 million ($4 million), compared to SR71,000 in the prior-year period, according to a stock exchange filing.
This was coupled with an 8 percent decline in sales from SR32 million to SR29 million in the six-month period.
Ongoing projects including KEC Hub and Madinah Gate weighed on the company’s profitability by adding more costs during the second quarter of the year.
KEC is a publicly traded company that was established to execute Knowledge Economic City projects.
